Sensex Zooms 593 Points; Power, Banking And Automobile Stocks Rally

Indian share markets continued their momentum and ended on a strong note, tracking firm global cues.

Benchmark indices traded on a bullish note today, amid positive global equities as hopes of the US government to announce a stimulus package cheered investors.

The Reserve Bank of India (RBI) today announced that it has postponed the meeting of its Monetary Policy Committee which was scheduled during September 29, 30 and October 1, 2020.

At the closing bell, the BSE Sensex stood higher by 593 points (up 1.6%).

The NSE Nifty closed higher by 177 points (up 1.6%).

IndusInd Bank and Bajaj Finance were among the top gainers today.

The SGX Nifty was trading at 11,250, up by 219 points, at the time of writing.

The BSE Mid Cap index ended up by 2.7%.

The BSE Small Cap index ended up by 2.5%.

On the sectoral front, gains were largely seen in the power sector and banking sector.

Public sector banks (PSBs) witnessed buying interest after media reports suggested that the Finance Ministry is likely to provide capital support from the Rs 200 billion fund approved by Parliament in the recently concluded session to some PSBs in the third quarter itself.

Asian stock markets ended higher as data over the weekend showed profits at China's industrial firms grew for the fourth straight month in August buoyed in part by a rebound in commodities prices and equipment manufacturing.

As of the most recent closing prices, the Hang Seng ended up by 1% while the Nikkei ended up by 1.3%.

US stock futures are trading higher, indicating a positive opening for Wall Street indices.

Nasdaq Futures are trading up by 137 points (up 1.3%), while Dow Futures are trading up by 259 points (up 1%).

The rupee is trading at 73.78 against the US$.

Gold prices are trading down by 0.6% at Rs 49,360 per 10 grams.

In news from the automobile sector, Escorts was among the top buzzing stocks today.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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